Drax CEO retires after 12 years at the helm
POWER PRODUCER Drax said chief executive Dorothy Thompson is to step down after 12 years in the role. .
The company’s current finance chief Will Gardiner will succeed Ms Thompson who will leave the group at the end of 2017.
Mr Gardiner joined Drax as group chief financial officer and a member of the board in November 2015. The board said it has kept succession planning well under review and his new appointment comes after a thorough selection process involving internal and external candidates.
Drax chairman, Philip Cox said: “Will’s appointment is a natural progression after two years working alongside Dorothy developing an ambitious strategy which I am confident will create significant benefits for all Drax’s stakeholders.
“On behalf of the board I would like to thank Dorothy for her enormous contribution to Drax. She transformed the business during her tenure and leaves the group in a strong position with a clear strategy that lays the foundations for further success in a changing energy sector.”
The move comes as Drax is speeding up plans to convert its units to gas. Under pressure from Government plans to close all coal plants by 2025, Drax has increasingly turned to burning biomass.
Analyst John Musk at RBC Capital Markets said: “While this announcement wasn’t entirely expected we have been of the view that Dorothy may be coming to the end of her tenure.
“Over the past 12 years she has led a transformation at Drax and navigated the company through some extremely difficult regulatory and political issues.
“We believe that Will Gardiner is ideally placed to take up the reins at Drax. He has impressed in his two years at the company and has been involved in the more recent transformation of the company.”
Dorothy leaves the group in a strong position with a clear strategy. Philip Cox, chairman of Drax